Winners and Losers So Far in the 2025 Global Stock Race
Global financial markets have experienced mixed performance in the first half of the year, amid an economic landscape that oscillates between optimism and anxiety, driven by profound political and trade shifts.
As the world witnesses shifts in trade and investment balances, driven by increasingly protectionist policies launched by the United States, market responses have varied between strong gains in some markets and slower increases in others, reflecting the volatile investment sentiment.
In this context, Europe has emerged as a powerhouse, benefiting from relative stability and investment flows away from US assets, which have been impacted by escalating tariff policies. While some markets have successfully absorbed the shocks and achieved notable gains, others have faltered under the weight of geopolitical turmoil and economic uncertainty.
European Superiority
A report by the American network CNBC indicates that:
Global stock prices rose to unprecedented levels in the first half of 2025, even with the repercussions of the tariffs imposed by US President Donald Trump across the world.
The MSCI All Country World Index, which measures the performance of more than 2,500 stocks from developed and emerging markets, rose about 10 percent since the beginning of the year, reaching a record high on July 4.
European stocks emerged as the most prominent indicators of 2025, with Greece, Poland, the Czech Republic, and Spain leading the global markets in terms of gains since the beginning of the year, according to data compiled by Morningstar.
In contrast, US stocks rose at a slower pace amid declining confidence in US assets following Trump's erratic policies.
According to Peter Boockvar, chief investment officer at Bleakley Financial Group, "The global trade war initiated by the United States has been, and will continue to be, the catalyst for this outperformance, except for the United States."
Meanwhile, South Korea stands out as the best performer in Asia amid mixed performance in the region, while Thailand, Turkey, and Indonesia languish at the bottom of the global rankings.
Europe's Rise
Greek stock markets have posted their best performance since the start of the year, with gains of around 60 percent, and market watchers say there is room for further gains.
"Greece has been a standout in Eastern Europe for some time, supported by an economic recovery, banking sector reforms, and strong tourism," said Gabriel Sachs, investment director for global emerging markets equities at Aberdeen. The government's commitment to running fiscal surpluses and early repayment of bailout loans has also boosted investor confidence.
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